Mortgage Refinance Options
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Mortgage Refinance Options
 

If you have had your current mortgage for some time it may be worthwhile to revisit what it offers as compared to what is available in the Mortgage Market today.

Refinance to another lender/loan

It may be that your current loan is simply out of date and you are able to obtain a home loan with more features and at a lower cost. Our mortgage specialist can sit down with you to conduct an analysis of your current loans, your needs and recommend a course of action. Perhaps there is a better loan available for you, it will cost you nothing to find out.

Quite possibly your current loan is already the best for your requirements – you won’t know until you check.

Revalue to access additional equity for investment or other purposes

If you decide to stay with your current lender, it may still be a good idea to refinance your current mortgage to obtain access to further funds for the purposes of investment or home renovation or any other worthwhile purpose.

You will need to complete a new refinance application and revalue your home. Providing you meet the income requirements you may be able to access up to 80% of your home equity through revaluation.

Revalue to consolidate other debts into current Mortgage

If you have some available equity in your property you may wish to refinance in order to consolidate unsecured debts into your mortgage. In many cases such a consolidation can offer a significant reduction in monthly repayment obligations.

Fix any part or of the Mortgage

If you are concerned about the increasing interest rates and would like to fix any part of your mortgage, you may refinance some, or all of the mortgage, to a fixed rate product.

Note however that in doing so you may not be able to make additional mortgage repayments nor pay out the mortgage during the fixed period without incurring penalty fees.


Consider Refinance Costs
There maybe some costs associated with refinancing your mortgage. These include: Stamp duty, mortgage insurance and early discharge fees.

Mortgage Insurance (LMI): payable when more than 80 per cent of the value of your property is loaned. Lenders mortgage insurance generally costs more than one per cent of your total property's worth.
Handling fees, Application fees and settlement.
If you happen to repay your loan before its due date you may incur an early breakout fee.
Valuation fees.
Discharge fees associated with your existing mortgage.
Government Registration fees associated with your new mortgage.
It would be prudent to compare these costs to the potential savings from a refinance before proceeding